Pensions - Where to start?
Discussion
Hi all,
I'm after a bit of advice to help a family friend; He's shortly set to retire. The current situation is:
He'll have £1500 per month from Gov pensions
Still 5 years away from state pension
Has a pot of cash, well into the 6 digit mark (no tax free wrapper of any sorts, so he'll benefit from doing something there)
I'm lost in the world of pensions. He doesn't want to put time into reading books and much researching.
He likes the idea of investing the cash for a return so when he passes on, there will still still be a lump sum left behind.
However still open to buying an annuity.
How would people attack this? Are there any particularly good articles out there?
I have already said to him that as he doesn't want to do loads of research and reading up himself, he would likely do well to seek professional advice - So if anyone has any companies to recommend that would be appreciated also.
I'm after a bit of advice to help a family friend; He's shortly set to retire. The current situation is:
He'll have £1500 per month from Gov pensions
Still 5 years away from state pension
Has a pot of cash, well into the 6 digit mark (no tax free wrapper of any sorts, so he'll benefit from doing something there)
I'm lost in the world of pensions. He doesn't want to put time into reading books and much researching.
He likes the idea of investing the cash for a return so when he passes on, there will still still be a lump sum left behind.
However still open to buying an annuity.
How would people attack this? Are there any particularly good articles out there?
I have already said to him that as he doesn't want to do loads of research and reading up himself, he would likely do well to seek professional advice - So if anyone has any companies to recommend that would be appreciated also.
That’s a decent gov pension so hopefully he has no fundamental money concerns for living.
As with all things like this want to do with the cash pot depends on appetite for risk.
If it was me I’d start maxing out annual Isa allowance in a stocks and shares fund. I know this comes off crazy falls earlier in the year but to show what is possible you won’t have to look far to find funds up 20% plus.
As with all things like this want to do with the cash pot depends on appetite for risk.
If it was me I’d start maxing out annual Isa allowance in a stocks and shares fund. I know this comes off crazy falls earlier in the year but to show what is possible you won’t have to look far to find funds up 20% plus.
dingg said:
Intelligent money thread above would be worth a look....
Thanks for the mention Grant.Joe - pop something up on our sticky thread at the top (Intelligent Money) and I can someone to go over everything at no cost whatsoever.
It really doesn't matter whether he becomes a client or not, we will just explore and explain the different options open to him.
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